Clock is ticking for SBM Offshore on $250m Petrobras settlement offer

Clock is ticking for SBM Offshore on $250m Petrobras settlement offer

Brazilian authorities have told SBM Offshore of the Netherlands that the clock is ticking on the company to pay a $250m settlement in regards to its role in the Petrobras scandal, according to Reuters.

If SBM offshore complies – and fulfils a few other requirements – it would be eligible again to do business with Petrobras, Brazil’s huge, though scandal-tainted, state oil firm.

SBM Offshore was one of the first overseas companies exposed in the Petrobras “bribes-for-contracts” scheme. It was accused of paying millions of dollars in bribes between 1995 and 2003 to secure contracts with Petrobras.

The company has already paid a $240m fine to Dutch authorities.

Last month it was reported that Petrobras had invited a Brazilian subsidiary of SBM Offshore to join in tenders for FPSOs in the Libra and Sepia fields.

From that it was assumed that the Dutch parent company was already rehabilitated din the eyes of Brazilian authorities. But such conclusions appear to have jumped the gun.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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